South Korean police have uncovered a cryptocurrency scam that targeted investors with high-yield investment schemes. The scammers allegedly scammed $1.6 million from 50 victims by posing as legitimate investors and offering guaranteed high returns. They also distributed fake SIM cards to hide their identities and target victims through phone calls.
The scam was uncovered when one of the scammers accidentally called a detective from the Gyeonggi Southern Provincial Police Agency’s Metropolitan Investigation Division’s Criminal Mobile Unit, leading to the arrest of 81 people involved in the scam. Nine of those arrested were charged with fraud and organizing a criminal organization.
The scam was operating successfully for several months until the detective contacted the scammers to inquire about the high-yield investment option. The police then managed to uncover the organization and its headquarters in Incheon. The police have urged citizens to be cautious and vigilant when investing in cryptocurrencies and to avoid falling for schemes that seem too good to be true.
